Please guide about turnover calculation in both trading forms and audit limit for AY 2020-21.
Replies (3)
Quick Summary
This discussion clarifies the calculation of trading turnover for both intraday and delivery-based trades, including the relevant audit limits for Assessment Year 2020-21. It explains that intraday turnover involves summing the purchase and selling prices, while for tax purposes, it's often considered the net profit or loss. The audit limit for intraday trading is clarified as £1 crore.
In my opinion simply ask for capital gain statement for ay 2020-21 as time is less for calculation indraday calculation formula selling minus purchase minus all charges or expenses audit limit is 5cr it is same as per normal limits if you are seeing their portfolio turnover that is different and calculation is different in share trading intraday trunover is addition of both multiple of quantity of enter and exit price means if entery price of 20sh in 32 and exit of 20sh in 40 then my trunover will be (20* 32)+(20*40) = trunover but it is not taken in consideration of itr for intraday